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Now is the right time to lock in a mortgage rate. The average rate on a 30-year fixed rate mortgage has remained the same today, keeping rates at historically low levels.
The average rate on a 30-year fixed mortgage is 3.24%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 2.52%. The average rate for a 30-year jumbo mortgage is 3.20% and the average rate for a 5/1 ARM is 2.74%.
Related: Compare current mortgage rates
30-year fixed mortgage interest rates
The average rate remained stable on a 30-year fixed mortgage, remaining at 3.24%. The 52 week low is 2.83%.
The 30-year fixed mortgage APR is 3.38%. At the same date last week, it was 3.25%. Here’s why the APR is important.
At an interest rate of 3.24%, a 30-year fixed mortgage would cost 435 per month in principal and interest (taxes and fees not included) per $ 100,000, according to the Forbes Advisor mortgage calculator. In total interest, you would pay $ 56,477 over the life of the loan.
15-year fixed mortgage rates
The average interest rate on the 15-year fixed mortgage is 2.52%. At the same time last week, the 15-year fixed rate mortgage was at 2.42%. Today’s rate is higher than the 52-week low of 2.28%.
The APR on a 15-year fixed rate is 2.74%. This time last week it was 2.66%.
At the current interest rate of 2.52%, a 15-year fixed rate mortgage would cost about $ 668 per month in principal and interest per $ 100,000. You would pay around $ 20,192 in total interest over the life of the loan.
Giant mortgage rates
The average interest rate on the 30-year fixed rate jumbo mortgage is 3.20%. Last week, the average rate was 3.05%. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.
Borrowers with a 30-year fixed rate jumbo mortgage with a current interest rate of 3.20% will pay $ 432 per month in principal and interest per $ 100,000. This means that on a $ 750,000 loan, the monthly principal and interest payment would be approximately 3,244, and you would pay approximately $ 417,661 in total interest over the life of the loan.
ARM rate 5/1
The average interest rate on a 5/1 ARM is 2.74%, higher than the 52 week low of 2.83%. Last week, the average rate was 2.74%.
Borrowers with an ARM 5/1 of $ 100,000 with a current interest rate of 2.74% will pay 408 per month in principal and interest.
How to calculate mortgage payments
Mortgages and mortgage lenders are often a necessary part of buying a home, but it can be difficult to figure out what you’re paying and what you can actually afford.
Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment, and other expenses.
Here’s what you’ll need to calculate your monthly mortgage payment:
- Interest rate
- Deposit amount
- House price
- term of the loan
- HOA fees
How much to save for a house
You might know you need to save enough for a down payment, but it takes more money than that to complete the home buying process. Also, after you buy, you need to furnish your new home and track potential repairs.
Here are six things to prepare to save for a home:
- Advance payment
- Inspection and assessment
- Closing costs
- Ongoing charges
- Home furnishings
- Repairs and renovations
Do I need to get pre-approved for a mortgage?
Getting pre-approved for a mortgage can help you during the home buying process. Mortgage pre-approval is a lender’s offer to lend you money. It can help you appear more attractive to sellers.
To get pre-approved for a mortgage, start by gathering documents. You will need your Social Security card, W-2 forms, pay stubs, bank statements, income tax returns, and any other documents required by your lender.
The lender you select will walk you through the pre-approval process.